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Let's Gowex starts insolvency proceedings-Reuters

Thursday, 10 Jul 2014 09:32am EDT

Let's Gowex SA:Gowex started insolvency proceedings on July 10, lawyers acting in the name of company told Reuters-Reuters.Company had said on July 6 it would file for bankruptcy and that its chief executive officer had resigned, after acknowledging group had reported false accounts for at least four years.Under Spanish law, company filing for such proceedings has maximum of four months to reach deal with creditors or enter into administration.

Let's Gowex to file for bankruptcy; says accounts were false and CEO resigns-Reuters

Sunday, 6 Jul 2014 02:30pm EDT

Let's Gowex SA:Gowex said on July 6 it would file for bankruptcy and its CEO had resigned-Reuters.Move was triggered on July 1 by publication of report by firm called Gotham City Research alleging Gowex was misrepresenting its accounts.Company and its CEO and founder Jenaro Garcia Martin had first denied allegations and said they would take legal action against Gotham City Research.They also said they had hired PricewaterhouseCoopers to carry out forensic audit of firm that would confirm the Gotham report was "false".Garcia Martin said on July 6 he had reported false accounts for at least last four years.

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